Bank of England Raises Interest Rates to 1.75% in Biggest Increase Since 1995

The Bank of England (BOE) has raised interest rates 50 basis points to 1.75%, its biggest single increase since 1995, amidst concern U.K. inflation will be significantly above 10% next year.

The U.K. central bank has raised interest rates five times since December, most recently in June with an 25 basis point increase to 1.25%.

The BOE Monetary Policy Committee (MPC) voted 8-1 in favor of the increase, amid concern inflation could reach 13% in Q4 of this year compared with 9.4% in June.

U.K. interest rates are now the highest they have been since the start of the global financial crisis in late 2008.

The crypto market appears unaffected by the decision, with BTC fairly steady in the $22,700-$23,100 range.

Read more: The Fed Is Upside-Down on Inflation and That's a Big Risk